Russia-related General License 103 - Authorizing Transactions Related to Imports of Certain Diamond Jewelry Prohibited by Executive Order 14068 (August 23, 2024)

Date issued: Aug. 23 2024

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TURBOFAC Commentary (457 words)

Notes:

1) On 8-23-24, OFAC issued Russia GL 103 and Russia GL 104, along with new FAQ # 1189 and amended FAQ # 1165 and FAQ # 1166. Determinations pursuant to Sections 1(a)(i)(A) and 1(a)(i)(D) of Executive Order 14068 (Effective March 1, 2024) - Prohibitions Related to Imports of Diamond Jewelry and Unsorted Diamonds of Russian Federation Origin and Diamond Jewelry and Unsorted Diamonds Exported From the Russian Federation prohibits the importation into the United States of “diamond jewelry and unsorted diamonds” that are (i) “of Russian Federation origin” or (ii) “were exported from the Russian Federation” (notwithstanding their origin). Russia GL 103 narrows the scope of that determination by authorizing the otherwise prohibited importation “of diamond jewelry that was physically located outside of the Russian Federation prior to March 1, 2024, and not exported or...